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Government now relying on Law Firms to recover student loans
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Date: April 27th, 2017 11:00 PM Author: Floppy Impressive Abode Lol pretty soon biglaw firms will be suing law school graduates with hundreds of thousands in outstanding loans.
From 2006 to 2014, the government had not sued more than 25 people a year in Philadelphia over student loan debt, and usually represented itself in court.
But that dramatically increased in 2015, when federal authorities — desperate to recoup a record $137 billion in student-loan defaults — brought an experimental strategy to Philadelphia that has been increasingly deployed nationwide: Using debt-collection law firms to sue borrowers, almost all of whom are low-income.
In the Philadelphia area, McNally and more than 200 other borrowers who had long ago defaulted on their student loans, have found themselves defendants in federal cases.
Already in 2017, the federal government is on track to more than quadruple the number of student-loan lawsuits, compared with the volume before private law firms were involved.
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Date: April 27th, 2017 11:03 PM Author: multi-colored coldplay fan sanctuary If these students can't pay, what's the point of civilly prosecuting them? To impose "collateral consequences" to deter future risky borrowers? (http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181301) |
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Date: April 27th, 2017 11:04 PM Author: Floppy Impressive Abode EXTRACT whatever you can. (http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181302) |
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Date: April 27th, 2017 11:10 PM Author: Electric fear-inspiring space party of the first part This isn't Haiti. Even proles can afford $100 a month. (http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181344) |
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Date: April 27th, 2017 11:08 PM Author: jade clown lol, the CFPB literally sues student-debt collection firms in federal court all the time. (http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181329) |
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Date: April 27th, 2017 11:09 PM Author: Electric fear-inspiring space party of the first part The fuck? They arent selling the debt but are paying firms to collect on it? Are they mental? The reason you sell bad debt is because there are often very expensive servicing mistakes associated with your collection efforts pre-litigation that are costly as fuck.
When you assign the debt that shit becomes a no-go for the Defendant because the new entity doesnt have access to the last entities servicing notes. All they have is a payment history and the note the defendant signed. Discovery is then very straight forward and there are few if any counterclaims against the Plaintiff. The Defendant is welcome to bring in the last servicer but that wont help them with the current Plaintiff. This is why most bad debt is sold before they file a Complaint. |
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Date: April 28th, 2017 12:37 AM Author: Curious house while i love the idea of law firms going after deadbeat law grads, (http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181862) |
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Date: April 27th, 2017 11:10 PM Author: Rough-skinned Tattoo ljl, gov't clumsily attempts to solve problem it caused, news at 11 (http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181343) |
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Date: April 27th, 2017 11:11 PM Author: Electric fear-inspiring space party of the first part If I could get this business from them I'd quit my fucking job and set up a mega collections firm. Whose dick do I have to suck to get 8 figures of this shit? (http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181350) |
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Date: April 27th, 2017 11:18 PM Author: Orchid hyperventilating shrine organic girlfriend This is what I am thinking. Open up a debt collection mill (http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181391) |
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Date: April 27th, 2017 11:17 PM Author: Orchid hyperventilating shrine organic girlfriend So is what is happening that whereas before the fed gov would sell the debt, now they are keeeping it and hiring lawyers to enforce?
That's what it sounds like but the article is not clear:
"Engaging private contractors for debt collection has for generations been a favorite tool of the government in attempting to recover defaulted debt. Hiring private attorneys who specialize in securing liens and other ways of forcing repayment has been used far less frequently." |
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Date: April 27th, 2017 11:18 PM Author: umber persian Debt collection lawyers are usually pure shit, don't have the time to do good work, or both.
If you're persistent, there's a good chance you can just run them into the ground. |
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Date: April 28th, 2017 12:28 AM Author: bronze swashbuckling stead generalized bond CR. they're also usually unethical as fuck until it bites them in the ass. (http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181804) |
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Date: April 28th, 2017 12:41 AM Author: Curious house obviously, the government should not be hiring private attorneys to collect these debts they should be hiring/creating government lawyers to do this that takes care of meanest's issue above |
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Date: April 28th, 2017 12:34 AM Author: citrine temple ape biglaw aspies suing their law school classmates (http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181846) |
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Date: April 28th, 2017 12:43 AM Author: Curious house ain't it great? (http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181894) |
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Date: April 28th, 2017 12:37 AM Author: drunken roast beef There should be a bar exam question asking if you can be forced to sue yourself. (http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181859) |
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Date: April 28th, 2017 12:45 AM Author: Electric fear-inspiring space party of the first part And the answer is yes in the context of clearing title on shit you have multiple liens on. (http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181912) |